The bill that aims to outlaw the usage of foreign currency in Nigeria has passed the Senate’s first reading.
The Senate Committee on Reparations and Repatriation Chairman, Senator Ned Nwoko, sponsored the measure, which was named “A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of Foreign Currencies for Remuneration and Other Related Matters.”
According to reports, the purpose of the new law is to guarantee that all payments, including salaries and other transactions, be made in naira, the local currency.
The extensive usage of foreign currencies in the nation’s financial system, according to Senator Nwoko, devalues the Naira and prolongs economic difficulties.
The lawmaker described the use of the Dollar, Pound Sterling, and other foreign currencies for transactions in Nigeria as a colonial relic that continues to hinder Nigeria’s economic independence.
